Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1, 2023, for $500,500 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $715,000, and the fair value of the 30 percent noncontrolling interest was $214,500. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two companies as of December 31, 2024: Protrade Seacraft Items Sales Cost of goods sold Operating expenses Retained earnings, 1/1/24 Inventory Buildings (net) Investment income $ 830,000 385,000 $ 550,000 292,000 169,000 124,000 930,000 370,000 365,000 129,000 377,000 176,000 Not given 0 Each of the following problems is an independent situation: Required: a. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $109,000 in 2023 and $129,000 in 2024. Of this inventory, Seacraft retained and then sold $47,000 of the 2023 transfers in 2024 and held $61,000 of the 2023 transfers until 2024. Determine balances for the following items that would appear on consolidated financial statements for 2024: Cost of Goods Sold Inventory Net Income Attributable to Noncontrolling Interest b. Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $69,000 in 2023 and $99,000 in 2024. Of this inventory, $40,000 of the 2023 transfers were retained and then sold by Protrade in 2024, whereas $54,000 of the 2024 transfers were held until 2025. Determine balances for the following items that would appear on consolidated financial statements for 2024: Cost of Goods Sold Inventory Net Income Attributable to Noncontrolling Interest c. Protrade sells Seacraft a building on January 1, 2023, for $118,000, although its book value was only $69,000 on this date. The building had a five-year remaining life and was to be depreciated using the straight-line method with no salvage value. Determine balances for the following items that would appear on consolidated financial statements for 2024: Buildings (net) Operating Expenses Net Income Attributable to Noncontrolling Interest Answer is not complete. a. Cost of goods sold $ 262,000 a. Inventory $ 418,000 a. Net income attributable to noncontrolling interest $ 40,200 b. Cost of goods sold $ 262,000 b. Inventory $ 418,000 b. Net income attributable to noncontrolling interest $ 20,625 c. Buildings (net) c. Operating expenses c. Net income attributable to noncontrolling interest